Edward Liddy, American International Group Inc. group's new chairman in a memo on the front page of the company Web site is offering more reassurances about the embattled firm's financial units' strength.
"Be assured that our insurance companies remain strong and well-capitalized," Liddy writes. "The financial issues of the AIG parent company do not affect our insurance companies' ability to pay claims and underwrite new policies."
Mr. Liddy addressed the memo to the customers, agents, brokers, advisors and other partners who do business with AIG, New York.
"Thank you for sticking with us," Mr. Liddy wrote in the memo. "All 116,000 AIG employees appreciate your confidence in us and are working tirelessly, with a renewed commitment to serving your needs."
He said also that regulations ensure that the insurance company subsidiaries have the assets needed to back up their policies.
The company, which ran into liquidity problems because of problems with its financial holding company, has secured an $85 billion government line of credit in exchange for surrendering a 79.9 percent interest in the firm.
So far it has used a reported $44 billion of that credit line.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.